By (Reuters) -Nike said on Thursday that CEO John Donahoe will retire after more than five years at the helm as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.
The company named Elliott Hill president and chief executive officer, effective Oct. 14, 2024.
Donahoe was tasked with bolstering Nike (NYSE:NKE)’s online presence and drive sales through direct-to-consumer channels.
The push initially helped the company build on the demand for athleisure following the pandemic, resulting in Nike touching over $50 billion in annual sales in fiscal 2023 for the first time.
However, sales have since come under pressure and growth has slowed with LSEG expectations of Nike’s annual sales at $48.87 billion for fiscal 2025 as inflation-weary customers cut back on discretionary spending and a slower-than-expected rebound in growth market China.
